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Research Update: Australian Postal Corp. Jul 02
Standard & Poors, July 2002
On July 3, 2002, Standard & Poor's affirmed its AAA/Stable/A-1+ local currency issuer credit rating and AA+/Stable/A-1+ foreign currency ratings on Australian Postal Corp. (Post). The affirmation of ratings on Post takes into account the corporation's dominant market position, its extremely strong financial profile, its success in developing new businesses in areas open to competition, and its continued monopoly in the provision of some postal services in Australia. Post's government ownership imposes some financial burdens on the corporation, such as special dividend payouts in the past, and the requirement to absorb into the standard letter rates the goods and services tax (GST) introduced in fiscal 2001. Government ownership, however, reinforces confidence in the company's stability. There has been no significant...
Companies mentioned in this report are: Australian Postal Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Australian Postal Corp.